1645 S St Andrews Place, Los Angeles, California 90019

1645 S St Andrews Pl | 13-Unit Value-Add Multifamily, Mid-City Los Angeles. 1960-built asset totaling 6, 827 SF on a 9, 277 SF LAR3 lot, one block west of Western Avenue with Koreatown to the north and quick access to the I-10 and the Metro E Line’s Expo/Western station. The property features (7) studios averaging 410 SF, (4) 1BR/1BA units averaging 600 SF, and (2) 2BR/1BA units averaging 765 SF, plus 10 on-site parking spaces. Twelve of 13 units are occupied, with in-place rents averaging $1, 299 against $1, 820 at market, a 40% gap, and one studio delivered vacant for immediate lease-up. Offered at $1, 800, 000 ($138, 462/unit | $263.66/SF) with a 5.89% current cap rate, the real story is turnover: RSO units that reset to market at each vacancy, a 10.01% pro forma cap with no capital program assumed, and pricing 12% below the average of six recent comparable sales.